Zacks Investment Research Upgrades Eastern Bankshares (NASDAQ:EBC) to “Buy”

Eastern Bankshares (NASDAQ:EBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $24.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.34% from the company’s previous close.

According to Zacks, “Eastern Bankshares Inc. provides commercial banking products and services primarily to retail, commercial and small business customers. It provides banking, trust, and investment services, as well as insurance services, through its full-service bank branches and insurance offices. Eastern Bankshares Inc. is based in Boston, Massachusetts. “

Separately, Seaport Global Securities initiated coverage on Eastern Bankshares in a report on Thursday, February 25th. They set a “buy” rating and a $19.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Eastern Bankshares presently has a consensus rating of “Buy” and an average target price of $17.40.

Shares of Eastern Bankshares stock opened at $21.75 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.01. Eastern Bankshares has a 1-year low of $11.74 and a 1-year high of $21.93. The company has a 50 day moving average of $19.91 and a 200-day moving average of $17.25.

Eastern Bankshares (NASDAQ:EBC) last issued its quarterly earnings data on Thursday, April 29th. The company reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.07. As a group, equities analysts forecast that Eastern Bankshares will post 0.47 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. First Pacific Advisors LP bought a new position in Eastern Bankshares in the fourth quarter valued at $6,505,000. Rhumbline Advisers purchased a new position in Eastern Bankshares in the 4th quarter worth approximately $4,134,000. Skandinaviska Enskilda Banken AB publ bought a new stake in Eastern Bankshares in the fourth quarter valued at approximately $3,720,000. Amalgamated Bank purchased a new stake in shares of Eastern Bankshares during the fourth quarter valued at approximately $267,000. Finally, Sei Investments Co. bought a new position in shares of Eastern Bankshares in the fourth quarter worth approximately $1,161,000.

Eastern Bankshares Company Profile

Eastern Bankshares, Inc operates as the bank holding company for Eastern Bank that provides commercial banking products and services primarily to retail, commercial, and small business customers. It operates in two segments, Banking Business and Insurance Agency Business. The company provides interest-bearing and non interest-bearing checking deposits, money market deposits, savings deposits, and certificates of deposits, as well as debit and credit cards.

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Analyst Recommendations for Eastern Bankshares (NASDAQ:EBC)

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